u/JuanPabloElTres

The author argues that subtracting all of Novo's GLP1 revenue (~50% of 2025 revenue) leaves ~$24B revenue, giving a P/S of 6.2x at the current $44 price, roughly in line with Novo's historical 4.5-9x P/S range. This implies the market is valuing the entire GLP1 franchise at zero, so buying now effectively gets the GLP1 revenue stream for free. The author sees upside if the obesity market grows even with margin pressure, and considers at or below $40 a no-brainer buy. Main risk acknowledged is that GLP1 revenue could contract significantly and P/S ignores the net income hit if GLP1 revenue went to zero.